Importance of Investing in Employee Retention

Recruitment and on-boarding new employees, accompanied by lost productivity can be costly and disruptive in the workplace.

It is therefore no surprise that employee retention is often top of mind for many New Zealand businesses and the latest data from Trade Me reinforces the importance of investing in your employees.

Trade Me stated in their State of the Nation report that 28% of Kiwis intend on moving jobs in 2022 (11-point increase from 2021) and job hunters’ confidence is returning to levels seen pre-Covid 19*. This is being driven by several factors including a candidate-short job market and low unemployment rates.

In response, employee benefits can play a significant role in helping reduce unwanted and costly employee turnover, with health and wellness related benefits being highly sought-after.

What’s the link between wellness and employee retention?

There is a strong connection between wellness and employee retention, as reported in the Wellbeing Index research commissioned by the Skills Consulting Group.

The research highlighted that if businesses look after their employees’ wellbeing, the greater the likelihood they will stay**. A key initiative listed was having programmes in place to ensure their health and wellbeing at work is being cared for.

If your business is looking to strengthen employee retention and talent management, Rothbury Employee Benefits is here to help. Rothbury’s Employee Benefits team specialise in developing comprehensive and customised Employee Benefit Plans including the following insurance cover:

• Health

• Income protection

• Trauma recovery

• Keyperson income

• Life

• Total and Permanent Disablement

A major health issue can take its toll financially and implementing an employee benefits plan can provide a measure of comfort and help ease the financial burden. Some of the key benefits include:

• Health insurance means your employees can focus on their recovery, without the inconvenience and stress of long waiting lists or covering the costs of treatment themselves.
• Trauma recovery covers several serious injuries and illnesses, including cancer and a heart attack, and provides a lump sum payment to help during recovery when extra support is needed.
• Keyperson income cover can benefit businesses when a partner or owner is temporarily unable to work due to illness or injury and consequently, the business could suffer financial losses. It can provide payments to recruit a replacement contractor and to supplement lost revenue.

Talk to your broker or Garry Mann from Rothbury Employee Benefits to learn more.

Garry Mann gives advice on behalf of Wealthpoint Limited, which holds a transitional Financial Advice Provider Licence. Visit www.wealthpoint.co.nz/wealthpoint-disclosure for more information.

*State of the Nation Report March 2022, compiled by Trade Me, based on a survey of 1,736 users conducted in December 2021.

**Work Wellbeing Index Report April 2022, compiled by Skills Consulting Group, based on a survey of employees and Human Resource Managers conducted between 27 November and 15 December 2021.